Driver Group plc Sale and leaseback of Haslingden office premises (6997L)
April 23 2018 - 1:00AM
UK Regulatory
TIDMDRV
RNS Number : 6997L
Driver Group plc
23 April 2018
DRIVER GROUP PLC
("Driver" or "the Group")
Sale and leaseback of Haslingden office premises
Driver Group PLC, the global professional services consultancy
to construction and engineering industries is pleased to announce
that it has entered into an agreement with Jetglobal Limited for
the sale of the freehold property interest in the Group's central
administration offices located in Haslingden, Lancashire and the
immediate leaseback of these premises.
The cash consideration receivable by Driver at completion on 20
April, 2018 was GBP1.65 million. The sale will give rise to a small
profit on disposal for the Group, before transaction costs.
The new lease is for an initial term up to 2(nd) January 2026 at
a fixed annual rent of GBP210,000 with a current annual cash cost
to Driver of approximately GBP105,000 after adjusting for rental
income receivable from a sub-tenant. The proceeds of the sale will
improve the Group's overall net cash position.
Gordon Wilkinson, Chief Executive Officer of Driver, said: "we
are delighted to be able to announce the agreement of the terms of
this transaction which represents the final strategic action we
committed to implement in February 2017 at the time of the equity
raise and refinancing."
Enquiries:
Driver Group plc
Gordon Wilkinson (CEO) 07964-518095 gordon.wilkinson@driver-group.com
David Kilgour (CFO) 07493-867743 david.kilgour@driver-group.com
N+1 Singer - Nominated Adviser
Sandy Fraser/Jen Boorer 0207-496-3000
This information is provided by RNS
The company news service from the London Stock Exchange
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